School board approves property and casualty insurance renewal with higher named-windstorm limits

The Santa Rosa County School Board approved renewal of the district’s property and casualty insurance through the Florida Schools Insurance Trust (FISBET/FISBET trust), accepting a package that increases named windstorm limits and uses a front-loaded payment schedule, district staff said.

An insurance presenter described the change in coverage from $125 million in named windstorm reinsurance last year to $175 million for the upcoming policy period. Staff said they joined other districts in seeking higher limits after recent hurricane damage increased exposure across member districts. The presenter also noted rising construction costs, larger jury awards (“nuclear verdicts”), and proposed state bills that would increase sovereign-immunity limits as upward pressure on premiums.

To manage cash-flow for the insurer and the trust, staff explained the billing schedule will require the district to pay four months of the premium up front this year, increasing to eight months in 2026–27 and the full premium in 2027–28. Staff said the trust had previously fronted payments for districts but that change in billing reduces the trust’s financial exposure.

Board members voted to approve the renewal after discussion; the motion carried unanimously.

District staff said the increased windstorm limit and phased payment schedule are intended to reduce the risk of uncovered hurricane losses to the trust and protect the district’s long-term coverage.

No specific premium totals were read into the record during the presentation; staff said details are in the renewal packet provided to the board.